Minnesota's ANI Pharmaceuticals Inc. has closed on its largest ever acquisition, the company announced Monday.

The maker of branded and generic drugs purchased New Jersey-based Novitium Pharma for $196.9 million. ANI is a publicly traded company based in the small northern Minnesota town of Baudette that's nestled against the Rainy River dividing the U.S. and Canada.

ANI is paying for Novitium through a combination of cash and stock based on Friday's closing price of $43.54 per share. Novitium could receive as much as an additional $46.5 million if certain financial targets are met.

The deal, first announced in March, recently won approval by the U.S. Federal Trade Commission with the requirement that the companies give up rights to two generic medications. Through the acquisition, ANI gains a manufacturing facility in East Windsor, N.J.

Charlotte-based Truist Securities is bullish about the deal.

"The acquisition of Novitium will expand ANI's generics portfolio with 20+ products and, importantly, provide a large pipeline and strong R&D engine to drive future new product flow," wrote Truist in a recent analyst report on ANI.

ANI reported $208.5 million in revenue, with generic drugs accounting for about 70 percent of its sales in 2020. The company also draws revenue from branded pharmaceuticals, contract manufacturing and royalties.

Earlier this month, the company reported third quarter revenue of $52.1 million, a 1.7% decline over a year ago. ANI reported a net loss for the quarter of $4.4 million.

A significant chunk of ANI's 565 employees are in Baudette.

ANI raised gross proceeds of $75 million earlier this month through the sale of additional company stock.